Jeff Bezos, founder and chief executive of Amazon, remains the world's richest person for the fourth consecutive year. Kim Kardashian West joins billionaires' club. Billionaire fortunes hit record high during pandemic. Image source, Getty Images. Beijing added 33 billionaires last year, according to Forbes. China's e-commerce boom. Tencent said the move was a direct response to "China's wealth redistribution campaign.
Alibaba Group Holding Ltd. Along with a revamped taxation and welfare system, Xi may be planning to use those types of large charitable donations as a central driver for his reforms, said Vivian Zhan, an associate professor of politics at the Chinese University of Hong Kong.
The Communist Party has "many policy tools to regulate big companies and mobilize resources from them for redistribution and other policy goals," she said. But the common prosperity drive still faces other challenges, such as corruption, the eradication of which has been the focus of a yearslong campaign by Xi. More than 60 percent of Chinese people still believe corruption is a big problem, according to Transparency International , a nonprofit organization based in Berlin.
IE 11 is not supported. For an optimal experience visit our site on another browser. Politics Covid U. News World Opinion Business. By Michael Standaert. Published On 16 Jul But behind this surge of private gift-giving looms the hand of the Chinese government.
That third distribution is currently in high gear. More from Economy. Mexico raises interest rates for the fourth consecutive time. However, he shocked investors in May when he resigned as chief executive as the social media company prepares for an initial public offering. He gave m yuan to an education charity named after his grandmother in his home province of Fujian. This article is more than 2 months old.
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